The global cryptocurrency market capitalisation fell 4.49 percent over the last 24 hours to $1.75 trillion, while trading volumes declined 3.43 percent to $83.23 billion during the period.

The total volume in the decentralised finance (DeFi) space stood at $14.08 billion, around 16.92 percent of the 24-hour cryptocurrency trading volume. The total volume in stablecoins stood at $69.85 billion, around 83.92 percent of the 24-hour cryptocurrency trading volume.

Bitcoin's market dominance fell 0.57 percent to 42.44 percent and the currency was trading at $39,047.24 on the morning of March 5.

In rupee terms, Bitcoin declined 4.43 percent to trade at Rs 31,20,419 while Ethereum fell 2.6 percent to Rs 2,09,584.5

Cardano was down 2.98 percent to Rs 66.86 and Avalanche fell 2.01 percent to Rs 6,003.3. Polkadot was down 3.65 percent to Rs 1,319.01 and Litecoin fell 4.3 percent to Rs 8,058 in the last 24 hours. Tether was up 0.86 percent to Rs 79.52.

Memecoin SHIB fell 1.96 percent while Dogecoin was down by 1.27 percent to trade at Rs 9.79. Terra (LUNA) fell 10.78 percent to Rs 6,549.03.

According to a story published in the Financial Times, the Swiss federal government was planning to freeze crypto assets owned by Russian citizens and businesses held within Switzerland borders. The freeze would coincide with sanctions already imposed by the European Union in response to Russia's invasion of Ukraine.

Swiss Finance Minister Guy Parmelin says 223 Russians, including close associates of President Vladimir Putin, have had their bank accounts and physical assets frozen by Switzerland in the past week. The cryptocurrency prohibitions are an additional penalty beyond EU sanctions.

A senior official with the finance minister told the Financial